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The Coase Theorem states that externalities can always be eliminated by the market as long as property rights exist, the number of parties involved is small, and transactions costs are low.
Product Price
The amount of money required to purchase a specific product or service.
Production Capacity
The maximum output that a business can produce in a given period under normal conditions.
Consumers' Desire
The inclination or preference of consumers towards certain goods, services, or experiences.
Economic Function
The role or purpose that an entity or phenomenon serves within the broader economy, such as production, distribution, or consumption.
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